Indices continue to trade sideways; Nifty hovers at 18,050

4 Nov 2022 , 02:32 PM

The key equity barometers continued to trade sideways in the mid-afternoon trade. The Nifty hovered near the 18,050 mark. Metal, media and PSU bank stocks advanced while healthcare, pharma and IT stocks declined. At 14:29 IST, the barometer index, the S&P BSE Sensex, was down 57.04 points or 0.09% to 60,779.37. The Nifty 50 index rose 21.50 points or 0.12% to 18,074.20. In the broader market, the S&P BSE Mid-Cap index shed 0.08% while the S&P BSE Small-Cap index gained 0.33%. The market breadth was positive. On the BSE, 1,909 shares rose and 1,503 shares fell. A total of 132 shares were unchanged. Numbers to Track: The yield on Indias 10-year benchmark federal paper declined to 7.469 as compared with 7.482 at close in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.5175, compared with its close of 82.8800 during the previous trading session. MCX Gold futures for 5 December 2022 settlement rose 0.56% to Rs 50,464. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.32% to 112.57. The United States 10-year bond yield rose 0.38% to 4.140. In the commodities market, Brent crude for January 2023 settlement declined $1.95 or 2.06% at $94.67 a barrel. Buzzing Index: The Nifty PSU Bank index rose 0.64% to 3,518.70. The index has advanced 3.16% in two trading sessions. Among the components of the Nifty PSU Bank index, Indian Overseas Bank (up 9.54%), Punjab & Sind Bank (up 8.77%), Bank of Maharashtra (up 8.06%), Bank of India (up 5.7%) and Central Bank of India (up 5.12%) UCO Bank (up 3.11%), Union Bank of India (up 2.41%), Punjab National Bank (up 1.09%), Canara Bank (up 0.39%) and State Bank of India (up 0.23%) were the top gainers. On the other hand, Bank of Baroda (down 1.89%), Indian Bank (down 0.66%) declined. Stocks in Spotlight: GMM Pfaudler rallied 6.08% after the company reported a consolidated net profit (from continuing operations) of Rs 96.89 crore in Q2 FY22, steeply higher than Rs 38.80 crore posted in Q2 FY22. Revenue from operations jumped 20.52% to Rs 780.05 crore in Q2 FY23 from Rs 647.24 crore recorded in the corresponding quarter previous year. Gillette India declined 0.54%. The company reported 5.92% rise in net profit to Rs 86.78 crore on 8.13% increase in revenue from operations to Rs 619.92 crore in the quarter ended Septemeber 2022 over quarter ended September 2021. Ajanta pharma tumbled 6.66% after the pharmaceutical companys consolidated net profit dropped 20.1% to Rs 156.60 crore in Q2 FY23 as against Rs 195.94 crore in Q2 FY22. Revenue from operations stood at Rs 938.10 crore in quarter ended 30 September 2022, registering a growth of 6% from Rs 884.80 crore posted in the corresponding quarter previous year. Powered by Capital Market – Live News